Tax saving

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Australia’s tax laws are costing the nation about $50 billion in compliance costs, while inefficient taxes are slowing down economic growth, an industry expert has warned.

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The Tax Institute has released a 287-page report called The Case for Change, pointing to current issues with Australia’s tax system.

In launching the report, the institute’s director of tax policy, Andrew Mills, said previous estimates show that tax law compliance is costing Australia $40 billion.

However, that is from the Henry tax review, which was undertaken 12 years ago, meaning the cost today is likely to be higher, with Mr Mills ball parking it at around $50 billion.

“A huge part of that cost is avoidable if we address the systemic issues of our system instead of continuing to tweak around the edges,” Mr Mills explains.

“You can put as many band-aids as you like on a broken limb, but it doesn’t change the fact that it’s broken. We need significant intervention, and we need expertise to undertake the right surgery.”

According to the report, reform is needed in four key pillars – business taxation, personal tax and transfer, superannuation and retirement and in direct taxes – which all need overhauling.

One of the key findings suggests that due to Australia’s ageing population, the country cannot rely on personal taxes, with the institute calling for a rework of the tax system to rely less on income and other taxes that hurt economic growth, and more on GST and land taxes.

In fact, the report argues that nearly 60 per cent of the taxes Australia is currently collecting are harmful for economic growth.

Among them are corporate tax, which is the fourth most relied upon tax globally, and personal income taxes, which are the equal second most relied upon tax globally.

The report also argued that super taxes are inefficient and that the rules, which are currently only understood by industry experts, need to be shared with everyone.

“There was considerable (and perhaps surprising) agreement among experts in this area during the course of The Tax Summit: Project Reform event series that the current design of the taxation of superannuation is far too generous,” Mr Mills said.

“The fact that the taxation is levied at concessional rates on contributions and income of the funds during the accumulation phase for members, yet fund income and benefits during the retirement phase are exempt, means that concessions are significant and their affordability in the context of the whole system is questionable.”

Andrew Mills shares 5 pitfalls of our current tax system

Aside from superannuation law needing to be altered, Mr Mills argued for five main changes to the current taxation system, including:

1. GST could be crucial to revitalising our economy.

“Australia’s GST revenue is already significantly lower than other OECD countries. Complexity in the system means that compliance costs eat up an average 51 per cent of that already low revenue – more than $155 million over five years. We can do better,” he said.

2. We rely on the exact wrong kind of taxes ...

“The taxes we rely on for 60 per cent of revenue are among the most harmful for economic growth: corporate taxes (fourth highest reliance globally) and personal income taxes (equal second highest globally).”

3. … and fail to explore more efficient options.

Mr Mills said: “When it comes to economic growth, land taxes are considerably less damaging than more harmful stamp duties. The stamp duty hike and increase in the tax-free threshold for land tax announced in Victoria’s state budget this year are the opposite of what we would hope to see.”

4. Tax law is not ‘fair’ anymore and mistrust of the system comes with a hefty bill.

“Contrary to public perception, most multinational corporates ‘not paying tax’ are not dodging the law – they pay exactly what the law requires them to. The problem is, the law hasn’t kept up with what most people think is fair. This is a failing of successive governments to maintain a sustainable tax system,” the tax specialist argued.

5. Regulators ‘paper over’ complexity, leading to bigger problems.

“Our tax law is now more than 10,000 pages long, covers 125 taxes, with dozens of anti-avoidance measures and countless complex concessions. Ten of those taxes raise 90 per cent of Australia’s tax revenue. We cannot keep tacking on more measures and more inefficient and ineffective taxes and expect to have a working economy in a decades’ time – let alone a thriving one,” Mr Mills concluded.

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Australia’s tax laws are costing the nation about $50 billion in compliance costs, while inefficient taxes are slowing down economic growth, an industry expert has warned.

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Australia is set to gain up to $3 billion in additional tax revenue after agreeing with world leaders to sign on to new rules as to where profits for multinationals should be taxed as well as a new minimum world rate. 

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Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed at a minimum tax rate of 15 per cent, following two days of talks. 

It said 130 countries, representing more than 90 per cent of global GDP, had backed the agreement at the latest Paris-based Organisation for Economic Cooperation and Development, with only nine disagreeing with the new tax plan.

The new rules on where the biggest multinationals are taxed would shift taxing rights on more than $100 billion of profits to countries where the profits are earned.

“With a global minimum tax in place, multinational corporations will no longer be able to pit countries against one another in a bid to push tax rates down,” US President Joe Biden said in a statement.

However, the minimum corporate tax does not require countries to set their rates at the agreed floor, instead other countries have a right to apply a levy to the minimum on companies’ income coming from another country with a lower tax rate. 

The nine countries that did not sign were the low-tax EU members Ireland, Estonia and Hungary as well as Peru, Barbados, Saint Vincent and the Grenadines, Sri Lanka, Nigeria and Kenya.

Treasurer Josh Frydenberg was quick to welcome the deal on Friday, saying multinational tax avoidance was “not just a domestic issue but a global one”.

“At the upcoming G20 finance ministers and central bank governors meeting in July, I will work with my international counterparts on the remaining elements of the agreement before finalising the implementation plan in October.

“Australia’s ongoing engagement in the OECD-led multilateral process complements the strong action the government has taken to strengthen the integrity of Australia’s corporate tax system and prevent multinational tax avoidance.”

OECD secretary-general Mathias Cormann described the package as a result of years of intense work and negotiations.

“After years of intense work and negotiations, this historic package will ensure that large multinational companies pay their fair share of tax everywhere,” Mr Cormann said.

The OECD secretary-general said the package does not eliminate tax competition, as it should not, but it does set multilaterally agreed limitations on it.

“It also accommodates the various interests across the negotiating table, including those of small economies and developing jurisdictions. It is in everyone’s interest that we reach a final agreement among all Inclusive Framework Members as scheduled later this year,” Mr Cormann concluded.

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Australia is set to gain up to $3 billion in additional tax revenue after agreeing with world leaders to sign on to new rules as to where profits for multinationals should be taxed as well as a new minimum world rate. 

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Two-thirds of Australians are confident about grappling with the tax implications of the pandemic. Maybe too confident.

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Off the back of new research into Australian attitudes ahead of tax season, H&R Block has warned consumers not to be overconfident about navigating their taxes in 2021.

The study found that one in three Aussies believes that the implications of COVID-19 will make completing their tax return even more complicated, with as many as 25 per cent admitting they will consider switching to a professional tax agent for this year’s return, rather than the myTax portal.

As for what Aussies plan to do with their returns, according to the research, 44 per cent expect to put the extra cash into a savings account, while 25 per cent said they’d use it to pay off outstanding debt.

Surprisingly, 52 per cent of surveyed Australians expect that they will not receive a tax refund that is larger than the one they collected in 2020.

While the majority of Australians do not consider themselves confused about filing their tax return this year, 32 per cent expect the ATO to apply more scrutiny than usual in the wake of financial trends like cryptocurrencies and working from home.

“Australians who have done well on the sharemarket, with property or even with bitcoin during the past year face being audited if they get their returns wrong. Australians can face a 25 per cent penalty for carelessly miscalculating how much they earned from shares, investment properties, and now cryptocurrency,” Mark Chapman, director of tax communications at H&R Block, warned.

“Those who have entered a new phase in life, whether starting their own business, buying a rental property, buying some shares or investing in cryptocurrency, need to review their income and deductions and consider the tax implications in order to stay out of trouble with the taxman,” he said.

For their part, the ATO has recently moved to warn Australian crypto investors to lodge capital gains and/or losses correctly.

“While it appears that cryptocurrency operates in an anonymous digital world, we closely track where it interacts with the real world through data from banks, financial institutions and cryptocurrency online exchanges to follow the money back to the taxpayer,” Assistant Commissioner Tim Loh said.

“If you realise you’ve made a mistake and correct your return, we will significantly reduce penalties. However, failing to report on crypto assets and not taking action when reminded will prompt penalties and potentially an audit.”

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Two-thirds of Australians are confident about grappling with the tax implications of the pandemic. Maybe too confident.

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The calculation of a capital gain (or loss) should be simple. Unfortunately, it’s becoming more and more complicated, not because the information required to calculate the gain (or loss) has changed, but because the details of information have increased, writes Ben Johnston.

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This is mainly due to the large uptake by investors participating in Dividend Reinvestment Plans (DRP’s) combined with the simplicity of retail trading platforms that allow mum and dad investors to trade freely and frequently at their will. 

Calculating the capital gain (or Loss) on the disposal of assets should in most instances be a relatively simple calculation. You take the cost base (purchase price plus costs such as brokerage fees) away from the sale price (less costs such as brokerage fees) and you have the gain (or loss) made on the sale. Depending on whether you have held the asset for over 12 months or not, you may be eligible for a discount of 50% of the gain. 

The gain you make is then added to your taxable income and taxed at your marginal rate of tax.

The issue that many investors and their tax advisers are facing is the volume of capital gains calculations that are required when a client disposes of their investments, particularly if they have held their shares for a long period of time and participated in DRPs along the way.

Add on the possibility that the company they invested in many years ago was involved in a de-merger, a takeover or a capital restructure. This creates a very complicated situation when calculating the capital gain. 

The Australian Taxation Office (ATO), through its sophisticated data matching program, has up-to-date information on when taxpayers dispose of their shares. Even before you go to lodge your tax return, the ATO has the date, amount and quantity of shares sold in that financial year.

What they do not have is the date of when these shares were acquired, so unless you have accurate records of your acquisitions, it can lead to one of two scenarios, each very dangerous in their own regard. You could either overpay tax by understating your cost base (not ideal) or you underpay tax which can lead to ATO scrutiny plus fines and penalties.

Take a quick example, Joe Bloggs sells 1,000 IAG shares. Joe acquired 500 of these shares when NRMA first floated in the year 2000, and since then he has participated in the DRP and hence, on average, has purchased two new parcels of shares each year. For one sale of 1,000 shares, Joe has now over 40 individual CGT calculations to make as each time he acquired new shares, a new cost base was created.

Take Joe’s simple sale of his 1,000 shares and add on multiple shareholdings across many companies and the volume of calculations increases remarkably. Add on other complications such as death, moving house, computers crashing, marriage breakdown, changing trading platforms and losing documents – you have a scenario that becomes frightening for those left to calculate the capital gains liability.

Imagine an investor that has 20 different shareholdings all participating in DRPs and they hold these shares for 40 years. It’s a minefield requiring possibly hundreds of capital gains calculations.

To avoid this nightmarish scenario, investors are advised to:

1. Keep an ongoing spreadsheet of all shares/investments purchased, including shares acquired under a DRP.

2. Always file records of share purchases, whether it be electronic or paper copy.

3. Keep these records for as long as you own these assets, the five-year substantiation rule for keeping records does not apply to these types of transactions.

4. Provide your adviser and/or lawyer with details of your investments so in the case of your death or the documents are misplaced, the information required by your beneficiaries is more readily available.

Ben Johnston, managing director of Johnston Advisory

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Unfortunately, it’s becoming more and more complicated, not because the information required to calculate the gain (or loss) has changed, but because the details of information have increased, writes Ben Johnston." 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The calculation of a capital gain (or loss) should be simple. Unfortunately, it’s becoming more and more complicated, not because the information required to calculate the gain (or loss) has changed, but because the details of information have increased, writes Ben Johnston.

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Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed.

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During the 2020 budget, Treasurer Josh Frydenberg announced that up to 11 million Australians will benefit from tax cuts, with more than 7 million individuals expected to receive $2,000 or more in tax relief for the 2020-21 income year, compared with previous years.

Survey results collated by Colonial First State found the majority of Aussies are intending to spend their extra cash towards essentials like bills, groceries and insurance. This was followed by shopping on discretionary items such as clothing, electronics and accessories, and a holiday.

With festive season round the corner, almost 10 per cent have also planned to use it for Christmas shopping such as décor, gifts and food.

The research also found that almost one in five Australians plans to use their tax cut to reduce their mortgage, particularly those aged between 35-54 years.

While 16 per cent will use the extra money as an opportunity to invest in the stock market, with Australian shares and exchange-traded funds being the big winners.

Surprisingly, only 11 per cent of Australians said they planned to use their tax saving to pay off high-interest debt such as credit card and ‘buy now, pay later’ accounts. 

Super ‘not so super’ as preferred spending priority

Despite using their superannuation during the COVID-19 pandemic, very few Australians intend to use the income tax cuts that were introduced in this year’s federal budget towards rebuilding their super or retirement savings.

Colonial First State general manager Kelly Power said the research showed that those who have needed to access super early as a way of surviving income loss, particularly younger Australians, are not making rebuilding their superannuation a priority.

“As we begin to emerge on the other side of the pandemic, it’s important to start thinking about the long-term impact your super withdrawal could have on the quality of your retirement. Seemingly small decisions now could have a big effect on the kind of retirement you’ve always dreamed of.

“Everyone’s circumstances are different, so whether you decide to spend it, use it to pay down debts, build up savings or make super contributions, it’s important Australians put the money towards what matters to them,” Ms Power concluded.

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The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury.

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Announced by Treasurer Rob Lucas during the South Australian budget, the state is set to be the only jurisdiction in the world that actively disincentivises the purchase of electric vehicles through taxes.

The scale of the new charge has not been decided, but it will comprise a fixed component like registration charges and a variable charge based on distance travelled. 

The government is set to announce that it will be applied to all vehicles that require a plug instead of fuel, including hybrids.

“While governments around the world are using every means possible to incentivise the uptake of electric vehicles, South Australia reckons they have it all wrong,” said Electric Vehicle Council chief executive Behyad Jafari.

“If the revenue from fuel excise is falling because South Australians are burning less foreign oil, that should be considered a blessing.”

The Electric Vehicle Council pointed to other benefits as a cost savings measure, arguing it offsets the costs of electric vehicles.

“Overall, it’s good for air quality, it’s good for the health budget, it’s good for carbon emissions, and it’s great for economic sovereignty.”

“The last thing any sane government would do is try to hit the brakes on this trend,” he said.

A separate study by EY has shown that every driver who switches to an electric vehicle delivers a $1,370 boost to government coffers, and a $8,763 boost to the Australian economy.

Mr Jafari said South Australia can’t hit their net zero targets with this kind of policy approach. The state is currently at less than 1 per cent electric vehicle uptake and now they want to introduce the world’s first EV tax. 

“It’s like responding to a drop in the tobacco tax take by slamming a new excise on nicotine gum. 

“There’s no special bucket of money for roads. Roads need to be paid for from general revenue just like everything else. There is zero need for the SA government to slap a big new tax on an emerging technology that delivers so much for the community,” Mr Jafari concluded.

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The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury.

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string(19) "2020-07-08 05:42:04" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6369 (3) { ["data":protected]=> object(stdClass)#6372 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6371 (3) { ["data":protected]=> object(stdClass)#6374 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(18) "Second article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#6620 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6373 (3) { ["data":protected]=> object(stdClass)#6376 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6375 (3) { ["data":protected]=> object(stdClass)#6378 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#6617 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6377 (3) { ["data":protected]=> object(stdClass)#6380 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6379 (3) { ["data":protected]=> object(stdClass)#6382 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#6618 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6381 (3) { ["data":protected]=> object(stdClass)#6384 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6383 (3) { ["data":protected]=> object(stdClass)#6386 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#6613 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6385 (3) { ["data":protected]=> object(stdClass)#6391 (1) { ["options"]=> object(stdClass)#6389 (2) { ["options0"]=> object(stdClass)#6388 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#6390 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6387 (3) { ["data":protected]=> object(stdClass)#6393 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#6616 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6392 (3) { ["data":protected]=> object(stdClass)#6395 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6394 (3) { ["data":protected]=> object(stdClass)#6397 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#6626 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#6396 (3) { ["data":protected]=> object(stdClass)#6399 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#6398 (3) { ["data":protected]=> object(stdClass)#6401 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(59) "/save-money/tax-saving/first-in-the-world-sa-imposes-ev-tax" ["image"]=> string(46) "images/article-826x550/electric-vehicle-ne.jpg" ["image_alt"]=> string(17) "SA imposes EV tax" } }